Gold - June 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded steady with COMEX spot gold prices were trading flat at $1870 per ounce Friday. Gold August future contract at MCX were trading marginal down at Rs. 48647 per 10 grams by noon session.

Gold prices traded under pressure falling from five month highs heading for biggest weekly drop since March. The stronger than expected US private payroll numbers triggered selling in gold prices with rise in dollar index. The stronger data also raised expectations of policy tightening from US. The market will eye on official data release from US labour department today.

We expect gold prices to trade sideways to down for the day with COMEX gold support at $1850 and resistance at $1890 per ounce. MCX Gold August support lies at Rs. 48200 and resistance at Rs. 48800 per 10 gram.

Source : Equity Bulls

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